Branson Shifts $1.1 Billion Galactic Holding Between Tax Havens
- Virgin Atlantic Airways has asked U.K. government for aid
- Branson spokesperson says this is an internal reorganization
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Richard Branson moved assets from the U.S. to the British Virgin Islands, highlighting his use of tax havens at a time one of his businesses sought a state bailout because of the coronavirus pandemic.
Filings show a Delaware-based company for his $1.1 billion stake in Virgin Galactic Holdings Inc. transferred shares in the space-travel firm on March 16 to the Caribbean territory where Branson, 69, lives. Residents in the BVI pay no income or capital-gains taxes while the U.S. state is known for preserving the privacy of its corporate owners.